Nigeria, Guinea explore joint business pact

Nigeria and Guinea are exploring prospects for an agreement to promote a joint investment drive for the development of key sectors in their economies.

At a meeting between Guinean president, Alpha Conde, and the managing director, Nigeria Export-Import Bank (NEXIM), Roberts Orya, discussions focused on trade partnerships between Guinean businessmen and women and their Nigeria counterparts to boost non-oil exports of the two countries.

It was gathered that the areas being considered for such partnership include manufacturing, solid minerals, mining, transport and aviation, as well as hotel and tourism.

Nigeria is reputed to be the world’s sixth largest exporter of oil and gas, while Guinea controls more than 25 per cent of the world’s bauxite reserves, apart from a healthy deposit of other natural resources, including diamond, gold, and other precious metals.

According to Mr Conde, though bauxite and alumina are currently the only major exports from Guinea, the country has great potentials for the development of hydroelectric power as well as other industries, including beer, juice, soft drinks, and tobacco processing plants, with agriculture employing about 80 per cent of the country’s work force.

During the meeting arranged by Guinean ambassador to Nigeria, Cheick Abdoul Camara, at Mr Orya’s instance, Mr Conde expressed readiness to work with NEXIM Bank to attract Nigerian investors to take advantage of his country’s natural resources, to rejuvenate the moribund manufacturing sector